What is marketing?
The best place to start a study of marketing principles is to first clearly understand what is meant by marketing.
As you have probably gathered, the word “marketing” is obviously related to the word “market”. You should note that the word marketing is a verb, which means that marketing is an active process of “going to market”.
It’s an active, dynamic process that involves understanding and responding to consumer needs and preferences. In this context, marketing isn’t just about selling products; it’s about creating value and building lasting relationships with consumers.
Marketing , in simple terms…
Let’s imagine you’ve created an awesome lemonade stand. You know your lemonade is great, but how do you get people to come and buy it? That’s where marketing comes in.
Marketing is like telling a story about your lemonade. It’s all about finding ways to let people know how refreshing and tasty your lemonade is, especially on a hot day.
You might create cool posters, come up with a catchy name, or share pictures on social media. That’s advertising, a big part of marketing.
Marketing also involves understanding your customers. Think about what your friends like.
Do they prefer sweet or tangy lemonade? What prices would they be willing to pay? Maybe you realize they’d love some iced tea options too. That’s market research – learning what your customers want and like.
It’s also about where and when you sell your lemonade.
Setting up your stand at the park on a sunny weekend might bring in more customers than on a rainy weekday outside your house. That’s considering the ‘place’ and ‘timing’, which are super important in marketing.
And what about that cool, reusable cup you offer? It’s not just a cup; it’s a way to make your lemonade stand memorable and different from others. That’s called ‘branding’.
So, marketing isn’t just about selling; it’s about understanding people, coming up with creative ideas, and making your product special and known. It’s like the secret ingredient that helps businesses, big or small, connect with people and make their products stand out.
Now let’s explore a little deeper. Marketing is all about…
Marketing helps in packaging these elements into a compelling value proposition that resonates with the target audience.
Winning Customers in a Crowded Market
In today’s market, capturing the attention of consumers is more challenging than ever.
Effective marketing strategies involve understanding consumer psychology, leveraging data analytics for targeted outreach, and crafting messages that speak directly to the needs and desires of specific audience segments.
Striving for Competitive Superiority
Marketing is a key battleground for businesses vying for market dominance.
It involves not only highlighting the unique features of a product or service but also creating a brand image that appeals to customers’ aspirations, thus positioning the company ahead of its competitors.
Embracing Social Responsibility
Modern marketing extends to making a positive impact on society.
This could mean advocating for sustainable practices, supporting community initiatives, or engaging in ethical advertising. Today’s consumers are more socially conscious, and they often align themselves with brands that reflect their values.
Realizing Broader Business Goals
Ultimately, marketing is about driving business growth and profitability.
Whether it’s through expanding into new markets, fostering customer loyalty, or launching innovative products, effective marketing strategies are integral to achieving a company’s long-term objectives.
Some Formal Definitions of Marketing
American Marketing Association (AMA):
- “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
- “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential.”
Chartered Institute of Marketing (CIM)
- “Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably.”
Dr. Philip Kotler & Kevin Lane Keller
- “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
- American Marketing Association (AMA): AMA Definition of Marketing
- Philip Kotler: Philip Kotler’s Definition of Marketing
- Chartered Institute of Marketing (CIM): CIM Definition of Marketing
- Dr. Philip Kotler & Kevin Lane Keller: Reference in their book “Marketing Management”.